Thanks SDrealtor. I’ve learned over the years to trust your opinions.
The unusual times we are have currently in San Diego real estate may be especially helpful to Redfin for several reasons.
Given that for sale inventories are unusually low, prices have risen markedly, savvy buyers can access information they previously couldn’t, and bidding wars start within hours of a listing hitting the market (or so I’ve heard), Redfin’s approach to cutting the old commission rate down seems logical. And isn’t Zillow getting into the game in a similar way? All this suggests selling real estate with the old rules is being eroded by technology, more freely available information, and a new competitor that challenges the status quo.
Lots of other industries have been shaken up by similar forces and shrunken, such as newspapers, Amazon, taxicab companies (think Uber), hotels (BnB’s), etc.
